52 Shares issued for consideration other than money

(1) Before issuing shares for a consideration other than money (whether in
whole or in part), the directors shall pass a resolution stating —


(a) the amount to be credited for the issue of the shares;

(b) their determination of the reasonable present cash value of the
non-money consideration for the issue; and

(c) that, in their opinion, the present cash value of the non-money
consideration and money consideration (if any) for the issue is
not less than the amount to be credited for the issue of the shares.

(2) Subsection (1) shall not apply to the issue of any bonus shares.